Newberry Specialty Bakers, Inc. Balance Sheet For Year Ending December 31, 2016

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Scot Harmon
5 years ago
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1 Balance Sheet Unaudited Actual ASSETS Current Assets Cash and cash equivalents 328,140 Accounts Receivable, net 1,043,271 Inventory 2,162,173 Due from Affiliates - Prepaid expenses and other current assets 465,696 Total Current Assets 3,999,279 Property, plant and equipment, net 2,050,887 Investment in Affiliates - Other long-term assets 23,428 Total Other Assets 2,074,315 TOTAL ASSETS 6,073,594 LIABILITIES & EQUITY Current Liabilities Accounts Payable, trade 4,989,020 Due to Gulf Coast Bank - Accrued liabilities 1,382,017 Current portion of debt - Current portion of long-term debt 2,714,257 Total Current Liabilities Long term debt 13,883,232 Total Liabilities 22,968,525 Equity Common Stock 117,715 Opening Balance Equity - Additional Paid in Capital 13,445,815 Retained Earnings (29,213,997) Net Income (1,244,464) Total Equity (16,894,931) TOTAL LIABILITIES & EQUITY 6,073,594 * Accrual Basis -

2 Income Statement Unaudited Actual (QTD) Actuaj (YTD) Income Sales 7,406,306 27,529,079 Sales Returns & Allowances - - Sales Discounts (325,872) (1,241,210) Total Income 7,080,434 26,287,869 Cost of Goods Sold Materials 4,132,135 14,141,848 Direct Labor 1,547,289 5,741,052 Contract Labor 150 1,772 Freight Out-Finished Goods 269, ,485 Total Cost Of Goods Sold 5,949,204 20,641,157 Gross Margin 1,131,230 5,646,712 Operating Expenses Indirect Labor 87, ,656 Indirect Expenses 290,627 1,345,518 R & M Factory (105,246) 721,512 Total Operating Expenses 272,995 2,441,686 Operating Income (Loss) 858,234 3,205,027 G & A Expenses Admin Salaries & Wages 451,020 1,818,674 Admin Expenses 577,591 1,878,668 Total G & A Expense 1,028,611 3,697,343 Net Ordinary Income (EBITDA) (170,376) (492,316) Other Income - - Depreciation Expense (664,115) 552,889 Interest Expense - 18,335 Taxes - Property 23,009 94,518 Penalties & Fines - 26,801 Other Expense 59,518 59,606 Total Other Expense (581,588) 752,148 Net Income (Loss) 411,212 (1,244,464) * Accrual Basis

3 Cash Flow Statement Net Income $ (1,244,464) Cash Flow From Operating Activities: Adjustments to reconcile net income (loss) to net cash Depreciation $ 552,889 Other Fees 1,754,974 Disposal of Asset Changes in Assets and Liabilities Accounts Receivable 63,429 Accounts Payable 820,783 Inventory (760,256) Interest Payable (84,194) Total Other Assets 206,602 Total Other Liabilities 611,481 $ 3,165,709 Cash Flow From Investing Activities: Purchase of Property, Plant & Equipment Deposits (10,660) Machinery & Equipment $ (508,699) (519,359) Cash Flow From Financing Activities: Net Borrowings $ (1,273,746) (1,273,746) Beginning Cash & Equivalents 659,667 Ending Cash Equivalents $ 128,140

4 The Company s financial instruments include cash, account receivables, other assets and accounts payable. NOTE 1 - ASSETS The current value of all assets is recorded at the lower of cost or market value. The value of property, plant and equipment is recorded at cost net of depreciation. Depreciation is recorded using the straight line method of depreciation over all estimated lives of five to ten years. Monthly adjustments are made to value inventory at book value based on physical counts. The company grants credit to customers in the normal course of operation. Accounts receivables are recorded at the invoiced amount without regard to allowance for bad debts or discounts. Uncollectible accounts are expensed in the period they are determined to be uncollectible. Financial instruments which have an inherent credit risk include cash and accounts receivable. The company maintains its demand deposits in commercial banks with balances maintained within the applicable limits of federal deposit insurance. NOTE 2 EQUIPMENT Property, plant and equipment consists of the following: NOTE 3 LIABILITIES 1. Furniture & Fixtures $ 33, Office Equipment 43, Machinery & Equipment 7,000, Leasehold Improvements 2,331,356 Less accumulated depreciation 7,358,734 $2,050,887 Accounts payable-trade are recorded at the invoiced amount without regard to ageing. Certain trade liabilities are the subject of litigation in which sums in excess of those recorded are being sought from the Company. No opinion of counsel has been sought by the Company concerning the likelihood of an unsuccessful result of the litigation or the range of liability from such litigation in the event of an unsuccessful outcome. Interest is accrued at simple interest rates on several notes which may be converted in whole or in part to the Company s common stock at an undetermined future date. Newberry Bakers, Inc. NOTES TO FINANCIAL STATEMENTS

5 NOTE 4 - NOTES PAYABLE Unsecured and secured notes with scheduled payments of $ 1,103,416 principal and $201, interest were made during fiscal year ending December 31, The outstanding balance of the combined indebtedness is 2,714,257 current portion and $ 13,883,232 long term portion. The loans were obtained from private investors and the loan proceeds were used to supplement monthly operational expenses. NOTE 5 CAPITAL STOCK Capital stock consists of 20,000,000 shares of common stock authorized, 11,402,523 shares issued and outstanding as of December 31, Newberry Bakers, Inc. NOTES TO FINANCIAL STATEMENTS

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